The big economic story is a consultant's report on the state pension fund. The state is pouring in hundreds of millions, and it's not enough. PFM Group says if taxes are not raised, the state will soon find itself owing $1 billion a year just for the pension fund. Finance Director Wes Machida does not dispute this.
Big Island biofuels startup Hu Honua says it will immediately begin hiring hundreds of construction workers, now that the PUC has approved its agreement to sell power to HELCO. The plan is to have the plant running by the end of next year.
News from the docks on the West Coast – longshore workers over there are voting by a 2-to-1 margin to extend their contract for three years – this means smooth operations for both Matson and Pasha, who use ILWU labor there as well as here. The Port of Oakland alone employs 73,000 people.
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